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2 questions to ask before accepting a credit card offer

How to choose a credit card

Posted: 9:40 AM, Aug 29, 2016

Updated:2016-08-29 13:40:11Z

By:
moneytips.com

While the economy has recovered since the crash of 2008, many consumers are still wary of opening more credit card accounts
. This is especially true of young consumers. Many millennials
have avoided credit card debt
and continue to do so. However, opening a credit card is an easy way for consumers to build credit
. Consumers should ask card issuers the following questions before opening a card account to help assuage their fears.

The first thing to ask is how the card issuer handles missed payments
. Will they allow consumers to miss a payment without incurring late fees or other penalties? Do they take into account consumer emergencies
, such as hospitalization? Some have a forgiveness policy, and many will assist cardholders if they fall behind on payments. Some cards do not charge fees or add a penalty interest rate
, even if the consumer makes many late payments.

Another thing consumers should ask is if they can choose when their card payment is due. The ability to schedule the due date at a convenient time means consumers will be less likely to miss payments. Consumers paid once a month may want to set the due date on the first, while those paid twice-monthly may find it easier to pay their credit card later.